Campbell Soup (CPB) has issued an update.
Campbell Soup Company has successfully completed its acquisition of Sovos Brands, Inc., turning Sovos into a wholly owned subsidiary. Each Sovos share has been converted into a $23.00 cash entitlement, and various stock awards have been settled or converted in alignment with the merger terms. To finance the acquisition and related expenses, Campbell secured a $2 billion unsecured loan, which, along with existing cash, covered the purchase. This strategic move aims to strengthen Campbell’s market position, signaling a significant event for investors and stakeholders in the food industry.
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